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CHICAGO-Private equity firm Code Hennessy & Simmons LLC has expanded its lease at 10 S. Wacker Dr. as well as renewing its deal with Equity Office Properties Trust. CHS and the REIT have struck a deal for 22,770 sf at the two-building Mercantile Exchange complex two years ahead of the lease’s expiration.

Although terms were not disclosed, Equity Office Properties Trust is asking $18 per sf for space at 10 and 30 S. Wacker Dr., two 40-story buildings with 2 million sf. Occupancy at the property is nearly 83%, according to the REIT’s most recent portfolio report.

The firm hired Studley to explore relocation possibilities, which included newly-built office towers. However, Equity Office Properties was able to hang on to the tenant, which has been at the building for 17 years. “The package provides contiguous expansion space with a full build-out allowance,” says Studley executive vice president Rick Schuham, who represented CHS with executive managing director Lisa Davidson. “CHS also has full control of the remaining space on the floor to accommodate its future growth, a full-floor identity, ample flexibility, and a low market cost structure that reflects the currently soft market.”

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